Find out how to prepare for and use a Personal Money Day to take control of your finances. Get six suggested tasks that can make the time you spend on your finances pay big dividends for decades. http://j.mp/MoneyBooks
Money Girl
215 MG Take Control of Your Finances with a Personal Money Day
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[MUSIC] Up to four lines via virtual prepaid card, a left 15 days qualifying unlocked device credit, service-ported 90-plus days with device and eligible carrier and timely redemption required. Card has no cash access and expires in six months. [MUSIC] Hi friends, you're listening to the Money Girl Podcast. [MUSIC] I'm Laura Adams, the author of Money Girl's Smart Moves to Grow Rich. Sometimes the biggest barrier between you and your money is time. You've probably heard about some new ways you could improve your financial situation if you just had a few extra hours in your day. Maybe your sister tells you about a credit union that has no fees for checking. A coworker convinces you not only to fund your 401K, but to also start a Roth IRA. You learn about a new personal finance blog or a financial podcast that you'd like to dig into. But real life gets in the way. There is a solution though, and it only takes a small sacrifice. If you have grand financial plans that you never seem to have time for, consider taking a personal money day. Choose a normal weekday when banks and businesses are open and stay home from work or don't do any regular work if you usually work from home. Don't worry that you're using a vacation day for nothing. This vacation day will repay you many times over, not just now, but for years to come. Before your money day, get prepared. Make a plan and remove any mental or physical barriers that might prevent you from getting things done. Make a list of the tasks you hope to accomplish and gather all the information you need, such as phone numbers and account statements. Eliminate distractions. Commit to using the entire day to take control of your financial life for this one day. Nothing else matters. What sort of tasks should you do on your money day? Well, here are six suggestions. Money Day tasks number one, find better deals. First, create a list of all your monthly expenses and then evaluate them. What interest rates are you paying for your credit cards? What does your cell phone cost? How about your cable bill? Many times you can find better deals elsewhere if you just take the time to look, call around or go online to find the best possible deals for the expenses you pay each month. Use this information as ammunition and call your current service providers to ask if they can meet or beat the deals from their competitors. Maybe they can't, but it never hurts to ask. An hour or two spent calling utilities and credit card companies can sometimes produce quick savings that you'll see reflected in your bill for months or years to come. Money Day task number two, switch bank accounts. When most folks pick a bank, they just go with the place their parents used or use the one that's closest to home. That can be costly. Use part of your money day to make sure your bank is the best one for your needs. If you like your current bank, drop by or call to ask if they can eliminate any fees or pay you higher interest rates. Ask if there are other accounts that might work better for your situation. If you're unhappy with your bank, find a new one. A local credit union is an excellent choice. You might also consider an Internet bank that only exists in the virtual world because they offer some of the highest interest rates. Money Day task number three, review your insurance. A great money day task is to stop by your insurance agent's office or meet for a preset appointment. Ask him or her to go over your coverage with you to be sure it meets your needs. Yes, insurance can be boring and sometimes it's confusing, but having the right insurance can make a huge difference for your financial well-being. If you don't have enough insurance, you can get hit hard when something bad happens. So make sure your home and auto insurance provide adequate coverage, but it's just as bad to overpay for too much insurance. Make sure you're not paying for services you'll never use, and if you can, raise your deductibles to lower your monthly premiums. You spend it over here. Now at T-Mobile, get four 5G phones on us and four lines for $25 a line per month when you switch with eligible traders, all on America's largest 5G network. Minimum of four lines for $25 per line per month without a paid discount using debit or bank account, $5 more per line without auto pay, plus taxes and fees and $10 device connection charge. Phone to be a 24-monthly bill credits for well qualified customers contact us before canceling the entire account to continue bill credits or credit stop and balance on a required finance agreement to bill credits and if you pay off devices early, ctmobile.com. We could try to explain what it feels like to get your work done on a John Deere. The way a Z-Track mower finishes in half the time you thought it would, or how much easier it is to move mountains of soil with the one-series tractor. We could even go into detail about how it feels to tow up to 4,000 pounds behind a Gator XUV. But if you really want to know what it's like to run with us, you just have to get in the seat. Learn more at jondere.com/getintheseat or visit a dealer near you. I love learning and anything that makes learning easier. If you're a parent and your child needs some homework help, then Ixcel is a right for your family. Ixcel is an online learning program for kids covering math, language arts, science and social studies. Ixcel has interactive practice problems for topics from pre-k to 12th grade and everything is organized by grade and subject. As kids practice, they get positive feedback, awards and explanations for wrong answers. Ixcel figures out what your kids need more help with and recommends more topics to practice. Their videos, lessons, sample problems and learning games too. One subscription to Ixcel gets you all subjects and all grade levels. Membership started just $9.95 a month. It's no wonder Ixcel is used in 95 of the top 100 school districts. I think the positive feedback that Ixcel gives is really crucial when it comes to learning. So make an impact on your child's learning, get Ixcel now and money girl listeners can get an exclusive 20% off Ixcel membership when they sign up today at ixl.com/moneygirl. Visit ixl.com/moneygirl to get the most effective learning program out there at the best price. Money Day Task #4. Open a retirement account. Though it might sound scary, opening a retirement account is easy and setting up regular, automated investments is one of the best ways to prepare for your future. If your job offers any sort of retirement plan that matches your contributions, make sure you're taking advantage of it. Also, consider opening a Roth IRA, which is a type of individual retirement account. An IRA is like a basket where you can put individual investments. The great thing about using a Roth IRA to save for retirement is that you're never taxed when your investments grow or when you take withdrawals during retirement. Money Day Task #5. Start tracking your spending. You cannot change your habits if you don't know where your money goes. You can track your spending with a simple notebook, but most people find that a computer makes it easier. You can create your own spreadsheets or you can use financial software like Quicken. Nowadays, online money management tools are popular. Use part of your money day to set up an account at mint.com or adaptto.com. Tracking your spending may seem tedious, but this one change can work wonders for your finances. Money Day Task #6. Set Financial Goals. Most people putter through life without any idea where they're going. You don't need to be one of them. Before your money day is done, set some financial goals for you and your family. Decide where you'd like to be 10 years from now. For goals to be effective, they have to be personal. They have to mean something to you. The following five basic goals would be a great place to start. Establish an emergency fund of at least $1,000. Boost your existing savings to $5,000 or more. Pay off credit card debt. Fund your retirement accounts each year. And save for major expenses, like a home, a car, or a wedding. Goals keep you on track because they give you something specific to work toward. When you know why you're working so hard and making sacrifices, it's easier to succeed with your money. These are just a few of the tasks you might choose to do on your personal money day. You could also borrow some personal finance books from your public library, set up a budget, install a programmable thermostat, or even learn how to negotiate your salary. Only you can say which tasks are most important and which tasks you've been putting off. This article was written by J.D. Roth, the author of Your Money, the Missing Manual, who blogs at getrichslowly.org. You'll find links to everything I've mentioned in the Money Girls section at quickanddirtytips.com. If you like the tips you get in the Money Girl podcast and want to take more control of your money, I think you'll like my book, Money Girls Smart Moves to Grow Rich. It tells you what you need to know about money without bogging you down with what you don't. It's available at your favorite bookseller in print or as an e-book. You can even download two free book chapters at smartmovestogrowrich.com. If you're on Twitter, be sure to find me. My username is Laura Adams. I'm also on Facebook. Just do a search for Money Girl. I love getting your money questions through social media or you can email me at money@quickanddirtytips.com. I'm glad you're listening. Cha-ching! That's all for now. Courtesy of Money Girl. Your guide to a richer life. ♪♪♪ H5N1 bird flu is spreading in some animals. If you work with poultry, dairy cows, wild animals, or with raw, unpasteurized milk, wear protective gear and take precautions. cdc.gov/bird flu. A message from CDC. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at capella.edu. [BLANK_AUDIO]